And uh we will move into the uh uh the our the Rochester Economic Development Authority uh Clerk Casel.

Can you call the role?

It's on my list here.

We don't usually do that, but here it is.

We don't need to sorry if we can on that.

Uh okay.

We will then move on to uh our consent agenda, and uh we have two items on the consent agenda, which is the uh the EDA uh minutes of September 22nd and a decertification of tax increment financing district number 51 50-1 loss at Mayo Park.

Uh is there a motion to accept the consent agenda correct by council member uh Palmer, seconded by council member Fredericks a question by uh council member Wall.

So I I take this uh to mean that this is a celebratory night that uh the this uh building then becomes uh uh fully taxable uh for the citizens of Rochester, correct?

It hasn't fully taxable, it's just that we're back in the income and a city's obligation, correct?

Yes, yep.

So it's a great great day.

Yeah, great day to celebrate.

Thanks for pointing that out, Councilmember Wall.

Uh all in favor of uh passing the consent agenda, say aye.

Aye opposed, say nay.

Motion passes.

Uh we have one public hearing on our agenda, which is establishing uh development district number 87 and tax increment financing district number 87 uh point one interfund loan and entering into a development assistant agreement with Build Wealth Minc.

Mr.

Sveny.

Yep, good evening, EDU president, PD members, Mayor Norton, Brent Smithy Community Development Direct or Community Development Department.

Um tonight we're here asking for the establishment of tax increment financing district 87 1, known as London Brook.

Um this is the same property that Ms.

Edens talked about with the council earlier this evening on the homeowner creationship program.

Um this is just kind of showing some renderings that were included in their TIFF application.

Basically, there's 42 um triplex buildings, each portion of the houses on a separate lot, and then there's eight um twin homes.

The picture is the lot before the trees were taken down earlier this year, and then the picture on the right is just the district of the tax increment financing district.

Uh Miss Edens kind of went over the um project details in her presentation.

Basically, the developer here is Build Wealth Minnesota.

It's located along the east side of 16th Avenue, south of 8.5 street, and north of 10th Street.

Um the tax financing portion is on 50 for sale single family dwellings.

Um and then she also mentioned the overall development also has a 12 unit apartment building and also a daycare center.

The timeline for the development would be starting in November of this year and having all the homes completed by um November 2027.

So this is a um housing TIFF district.

Um typically when we bring housing TIFF districts before the EDA and council, it is for a um rental project, um, mostly um apartment buildings.

In this case, this is a housing TIF district for a single family development.

The council did approve a TIF district on the single family development last year for the pretty rich development.

Um current estimated property value is around $53,000.

Um upon completion of the 50 homes, they'll have a value of over 17 million dollars.

So with a a TIFF district for single family housing, um, they are limited to income restrictions.

Basically, if it's a household of one or two individuals, the um household has to be at or below 110% of the area meaning income for household of three or more, they have to have an income at below 115% of area median income.

So in this case, when the home is built and sold to an income qualified buyer, the city would provide the the developer 20,000 worth of assistance.

Basically, that's taking the help helping lower that cost of the home to the income buyer.

Um in this case, the project is also getting a loan from the housing coalition as part of that loan with the housing coalition.

No home here can be sold for more than $350,000.

But in regards to TIFF, they would still have to income certify the purchaser of the home so we can ensure that they meet the state statute requirements of either 100% AMI or 115% AMI for the buyers.

In this case, we would be looking to borrow from the EV funding.

Um and then we would collect increment over potentially six to seven years to pay ourselves back that increment.

So the developer isn't getting the full million dollars up front.

It is when the home is built, constructed, and sold to an income qualified buyer.

So the most the the most amount of assistance being offered here is a million dollars, assuming that they fine um uh that all 50 homes are sold to income qualified buyers.

So if the home is not sold to the income qualified buyer, they would not get that 20,000.

Some of the benefits is it's providing um 50 affordable single family housing units that are for sale.

Um expands the available housing options within the city, it's an in-field development that lot's been pretty sitting like that for a long time.

So it infills um development on that lot.

So the action before the council that before the EDA this evening asking to approve a resolution that establishes tax increment financing district number 87, housing tax increment financing district number 87-1 and plan authorizing the the interloan fund and authorizing the execution of a development assistance agreement with build wealth Minnesota for tax increment financing number 87-1.

I will let you know that I did receive an email from the developer late this afternoon that has could not make it to the meeting this evening.

He is from the Twin Cities as well.

His wife was ill, so he's not able to make it to the meeting this evening.

Thank you for share sharing that.